The Saudi Ground Services Company achieved 14.9% growth in net profit for the year 2019 to reach 423.35 million riyals, compared to 368.4 million riyals in 2018.
According to Arabia Net, this comes despite the company's revenue falling 0.6% to 2.5 billion riyals.
The company explained, in a statement, that the lower prices caused the decrease in revenues, while the decrease in operating expenses by 16.3 million Saudi riyals and the decrease in administrative expenses by 4.8 million Saudi riyals, in addition to the decrease in provisions for receivables by 37.9 million Saudi riyals, led to higher profits.
